Drake Tax - 1098 - Mortgage Insurance Premiums
Article #: 11513
Last Updated: November 06, 2024
According to the 2022 Schedule A Instructions, "The election to deduct qualified mortgage insurance premiums you paid under a mortgage insurance contract issued after December 31, 2006, in connection with a home acquisition debt that was secured by your first or second home doesn’t apply for tax years beginning after December 31, 2021."
Drake Tax 2021 and prior
Mortgage insurance premiums can be entered on screen 1098 or screen A, line 8d.
To get amounts from screen 1098 to flow to the Schedule A:
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On screen 1098, select A Schedule A in the For drop list.
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Enter the amount of Mortgage insurance premiums in box 5.
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Check the box Qualified premiums to flow to Schedule A.
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Do not duplicate entries on the A screen, line 8d.
The limit on the mortgage insurance premium deduction cannot be exceeded. Review Wks PMI in view mode for the calculation of any limitation.
Note Schedule A is not produced unless itemized deductions exceed the standard deduction or the schedule is forced. See Drake Tax - Schedule A: Print Even Using the Standard Deduction.
Important If Form 1098 is pointed to another form or schedule, an amount entered in the Mortgage insurance premiums field on screen 1098 does not flow and must be separately entered on the A screen.